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Ok. Fixed.
The new Powermaster 7102 alternator has a rotor in it that does not work with the points style regulator. I had to get the other kind. The circuit board type. Sold me one for $18.
My local alternator shop guy, which I didn't knew existed, tried to educate me on this. He says he sees it all the time. Companies like Powermaster and Tuff stuff regularly put these new style rotors in their externaly regulated alternators. He says that those rotors are made for internally regulated alternators. And will always burn up the points style regulators.

I'm just happy the wiring harness was actually built correctly.
Very happy to have met a guy that is like us. He had six of these trucks in his life.

On another note, he said that Powermaster isn't what it isn't what it is supposed to be. Showed me a pile of the gear reducing alternators on the floor in his to be rebuilt pile. Gave me his best wishes it lasts for me. I also just installed a new Powermaster starter...

Thank you both again for your help. Now, on to the exhaust!!